Afford to make monthly payments

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Reference no: EM131308178

_{You want to borrow $97,000 from your local bank to buy a new sailboat. You can afford to make monthly payments of $2,050, but no more. Assuming monthly compounding, what is the highest rate you can afford on a 60-month APR loan?} (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)

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Reference no: EM131308178

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